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Blog Posts in May, 2013

How Chapter 13 Bankruptcy May Reduce Your Principal Loan Balance

Posted By Allmand Law Firm, PLLC || 30-May-2013

Can Bankruptcy Reduce Your Principal Loan Balance? Did you know that Chapter 13 bankruptcy may help you reduce your principal loan balance on certain secured debts? Many consumers may not realize they'd qualify to have debt such as a car loan reduced in order to establish affordable monthly payments. The concept is also referred to as a cram down. Understanding potential benefits may give an ...

Does Bankruptcy Protect Workers Compensation Benefits?

Posted By Allmand Law Firm, PLLC || 29-May-2013

Bankruptcy and Workers Compensation Workers compensation benefits are funds made payable to an individual who was injured while on the job and unable to perform their duties due to the injury. The compensation may be considered a main source of income for the household. If bankruptcy is an option it is common to wonder if benefits can be protected from creditors, and will they continue receiving ...

Understanding the Significance of What Bankruptcy Can Do For You

Posted By Allmand Law Firm, PLLC || 24-May-2013

Bankruptcy is one of the most powerful tools consumers can utilize to regain financial control. When considering this option you should get a clear idea as to how it can help improve your situation. It may help you eliminate qualifying debt obligations while helping you reestablish others. Plus, depending on your situation one chapter may be preferred over the other. Chapter 7 bankruptcy can help ...

Getting Debt Discharged in Chapter 13 Bankruptcy

Posted By Allmand Law Firm, PLLC || 23-May-2013

Many people who think about getting debt discharged may assume it can only be erased through Chapter 7 bankruptcy. In fact, Chapter 13 bankruptcy has the ability to not only discharge debt, but in some cases may help eliminate debt that is not eligible for discharge in Chapter 7. Meaning, you may be given a greater advantage in Chapter 13 when it comes to wiping out debt. When a discharge is ...

Rising Drug Costs Contributing to Personal Bankruptcy Filings

Posted By Allmand Law Firm, PLLC || 22-May-2013

Medical debt continues to be one of the most common reasons why people file personal bankruptcy. Yet, recent studies may provide evidence that rising drug costs are partly to blame. Medical debt related to unpaid bills is one matter, but for those who are dealing with a medical illness, the rising cost of medicine is making it more difficult for consumers to pay debt obligations outside of their ...

Can I Keep Cash I Have On Hand in Chapter 7 Bankruptcy?

Posted By Allmand Law Firm, PLLC || 21-May-2013

Keeping Cash on Hand During Chapter 7 Bankruptcy There are exemptions available in Chapter 7 bankruptcy that may help protect your cash. Although the cash in question has to qualify as an exempt asset. It's common for consumers to be afraid of filing in fear of losing cash assets. The good news is you may be able to retain your cash and other assets of value upon learning which bankruptcy ...

Using Chapter 13 Bankruptcy to Regain Control of Tax Debt

Posted By Allmand Law Firm, PLLC || 20-May-2013

Chapter 13 Bankruptcy and Your Tax Debt If you're seeking a solution to help manage tax debt then Chapter 13 bankruptcy may be something to consider. It often depends on the type of debt in question, along with other financial obligations of the debtor. You may even gain an advantage using Chapter 13 to handle the debt that you may not gain from filing Chapter 7 bankruptcy. Important factors ...

How Do You Know If You Qualify for Chapter 7 Bankruptcy?

Posted By Allmand Law Firm, PLLC || 16-May-2013

Chapter 7 bankruptcy eliminates unsecured debt such as medical bills, credit card debt, and payday loans. In order to understand whether you qualify is by reviewing your eligibility factors. The most effective way to learn if you qualify includes discussing your situation with an experienced bankruptcy attorney. Meeting qualifications of the means test and providing proof of completion of credit ...

Vacuum Maker Oreck Files for Bankruptcy

Posted By Allmand Law Firm, PLLC || 15-May-2013

Well-known vacuum company Oreck filed for Chapter 11 bankruptcy after decreasing vacuum sales. The company will continue operations during the filing, while in the process of restructuring in hopes of acquiring a buyer. Oreck is known for producing upright vacuums and cleaning products through online and direct phone sales, as well as through their Oreck Clean Home Center locations. Oreck will use ...

How Bankruptcy Can Help You Get Your Driver's License Reinstated

Posted By Allmand Law Firm, PLLC || 14-May-2013

Driver's License Suspension Due to Outstanding Debt Depending on state law regulations, a motorist may have their driver's license suspended if they have an outstanding debt related to a civil judgment. For instance, back child support payments or lack of insurance are common reasons why someone may have their license put under suspension. While it is true a suspension is a consequence, ...

False Bankruptcy Filings Used by Hundreds of Drivers to Avoid Impound Fees

Posted By Allmand Law Firm, PLLC || 13-May-2013

Chicago area drivers who tried to avoid paying impound fees for their vehicles allegedly participated in a bazaar scheme that included filing false bankruptcy petitions. Local and state investigators found a significant number of "pro-se" bankruptcy filings (individuals who filed without an attorney) after the U.S. Trustee's Office identified over 1,000 filings were completed. Most ...

How Debtors Benefit from Filing Chapter 13 Bankruptcy

Posted By Allmand Law Firm, PLLC || 10-May-2013

Chapter 13 bankruptcy is a court-approved repayment plan based on the debtor's ability to repay. While the plan is not for everyone, it offers different benefits that debtors may find useful depending on their personal situation. While the plan can last anywhere from three to five years, this aspect alone is enough to discourage debtors from filing. But, there are positive attributes to ...

Does Bankruptcy Offer Protection for Life Insurance Policies?

Posted By Allmand Law Firm, PLLC || 9-May-2013

Bankruptcy and Life Insurance Policies It is possible to have your life insurance policy be protected in bankruptcy under certain circumstances. While there are different types of life insurance, this information pertains to simplified whole life and term life insurance policies since a wide majority of consumers have these types most often. There are factors to review in understanding how the ...

Can a Bank Account Belonging to My Spouse Be Sought by Creditors in Bankruptcy?

Posted By Allmand Law Firm, PLLC || 8-May-2013

In many cases, assets that belong to your spouse may be off limits to creditors but it depends on the circumstances of the spouse filing for protection. There are a few factors to review that may give clarity regarding account funds. You need have a good idea of what assets are considered part of your bankruptcy estate, learn whether the bank account in question is considered community property, ...

Do You Have to Have an Attorney to File Bankruptcy?

Posted By Allmand Law Firm, PLLC || 7-May-2013

Consumers have the option of filing for bankruptcy on their own, also known as "pro se," in which you represent yourself. You are not required by law to file bankruptcy with an attorney, but many do not understand the risk they take upon themselves when considering the process without guidance of an experienced attorney. For instance, many are unaware of how complex the filing process ...

Filing Bankruptcy: When Outstanding Debt Includes a Cosigner

Posted By Allmand Law Firm, PLLC || 1-May-2013

A borrower who is establishing credit or has less than perfect credit may have a cosigner help them obtain a loan. A cosigner agrees to pay outstanding debt when the borrower is unable to make payments. It is common to have a cosigner present when applying for a loan on a vehicle, student loan, or even a credit card. Also known as a guarantor or co-debtor, the cosigner agrees to terms of the loan ...